scholarly journals FINANCIAL AND SOCIAL SUSTAINABILITY PENSION SYSTEMS IN THE FACE OF DEMOGRAPHIC RISKS

2017 ◽  
Vol 5 ◽  
pp. 331-336
Author(s):  
Alexander Nepp ◽  
James Okrah
Keyword(s):  
Distribution System ◽  
Pension Fund ◽  
Pension System ◽  
Financial Sustainability ◽  
Macroeconomic Factors ◽  
Pension Systems ◽  
The Status ◽  
The Face ◽  
The Russian Federation ◽  
Main Instrument

The ongoing distribution of the pension system is on the threshold of losing its sustainability, financially, which has produced a deficit in the budget of the Pension Fund of the Russian Federation and the deflection of pension funds to the distribution system in 2014. This situation was to some extent caused by demographic risks. Funded systems could become the main instrument for mitigating the demographic problem of the distribution pension system. But the problem is, these systems are unprotected to demographic risks as well.The paper examines the effect of demographic uncertainty on funded pension systems. It describes the process necessary for the financial sustainability of a funded pension system under the force of demographic and macroeconomic factors. It explores the conformity of Russian funded pension systems and that of OECD countries with the status of financial sustainability in the time from 1958 to 2012, making a prognosis for the financial viability prospects.

scholarly journals ASSESSING THE FINANCIAL SUSTAINABILITY OF THE PENSION SYSTEM OF GEORGIA AND EU27 COUNTRIES AND DEVELOPMENT PROSPECTS IN THE CONDITIONS OF ECONOMIC SHOCKS CAUSED BY COVID-19

2020 ◽  
Author(s):  
Maka Ghaniashvili
Keyword(s):  
Pension System ◽  
Financial Sustainability ◽  
Pension Systems ◽  
The World ◽  
Current Events ◽  
The Face ◽  
Economic Shock ◽  
Fiscal Pressure ◽  
The International Monetary Fund ◽  
Development Prospects

Against the background of ongoing demographic change around the world, pension policies have acquired special significance in recent decades. Along with prolonging the population life and reducing the birth rate, the need to reform pension systems has become on the agenda, its main goal is to reduce fiscal pressure in macroeconomic terms, and on a micro scale, ensuring a decent old age with adequate income for retirees. According to the International Monetary Fund the share of state pensions in the GDP of developed and emerging economies will increase by 1-2.5% by 2050. Which calls into question the financial sustainability of many countries' pension systems. In the following study, in parallel with the current events in the world (which implies the economic crisis caused by Covid-19), we will assess the financial sustainability of the Georgian pension system together with the pension systems of E27 countries and determine possible directions for the development of pension systems in the face of economic shock.

Specifics of the Production of Pensionary Good in Russia

2020 ◽  
Vol 2020 (3) ◽  
pp. 200-219
Author(s):  
Viktoriya Moseiko
Keyword(s):  
Public Goods ◽  
Russian Federation ◽  
Pension Fund ◽  
Pension System ◽  
The State ◽  
Secondary Importance ◽  
Club Goods ◽  
Private Goods ◽  
Merit Goods ◽  
The Russian Federation

The author considers the concept of «pensionary good» and the specifics of its production at the state and non-state levels. The purpose of the study is to analyze the actions aimed at creating a «pensionary good» under the influence of incentives and coercion. Drawing on the theory of goods, the author comes to conclusion that the elements of pensionary good can be produced in the form of public goods, merit goods, club goods and private goods. The author identifies the specifics of pensionary good structure at the analyzed levels and shows that national pension in the Russian Federation is based on coercion, with stimulation being of secondary importance. Non-state-funded retirement also uses the coercion and incentives. It has been established that coercion and incentives provide contradictory results as mechanisms used in the process of producing a pensionary good. While preparing the article, the author used the data from the Federal Statistic Service, the Pension Fund of Russia and various sociological surveys and scientific works on pensions and insurance. The conclusions of the study may be useful for further research on the development of Russian pension system.

Free movement of workers and the RESAVER scheme for researchers

2017 ◽  
Vol 19 (2) ◽  
pp. 172-185 ◽  
Author(s):  
Maria-Cristina Degoli
Keyword(s):  
Qualitative Methodology ◽  
Pension Fund ◽  
Financial Sustainability ◽  
Successful Implementation ◽  
Retirement Savings ◽  
Pension Systems ◽  
Cross Border ◽  
Free Movement Of Workers ◽  
Key Features ◽  
The Creation

This paper aims to introduce the key features of the Retirement Savings Vehicle for European Research Institutions (RESAVER) that went live in September 2016. The pension fund was established for European researchers to allow them to accumulate their retirement provisions in one place, while changing jobs and moving between countries. The research used a qualitative methodology, analysing documents and legislation concerning social security in Europe. It describes how the measures taken by Member States to deal with the challenges facing the financial sustainability of pension systems are creating obstacles to workers’ mobility. The analysis of the feasibility study for the creation of a pan-European pension vehicle shows that it is possible to achieve a minimum harmonisation in pension rights. The successful implementation of this Retirement Savings Vehicle is likely lead to two main results. First, it could dissolve existing barriers to workers’ mobility and, secondly, it could ensure the financial adequacy for future pensions. In addition, it is highly likely that such cross-border pension product would foster the creation of a true European labour market.

scholarly journals Pension fund governance: The Polish experience

2014 ◽  
Vol 11 (3) ◽  
pp. 349-357
Author(s):  
Adam Samborski
Keyword(s):  
Pension Fund ◽  
Pension System ◽  
Pension Funds ◽  
Small Fragment ◽  
Fund Management ◽  
Pension Systems ◽  
Pension Fund Management ◽  
Polish Experience ◽  
Fund Governance

Despite a comprehensive pension related debate held on the governmental level and in media in Poland, little time was spent, however, on discussing nature and usefulness of governance in the context of pension systems aimed at would-be-pensioners. Attention is predominantly paid to the role of governance for investments. Unfortunately, governance is not addressed, with reference to pension funds, the way it should be. The author is looking for answers to questions about the state of pension fund governance in Poland, thus trying to find methods for improvement. Nevertheless, this text concentrates on a small fragment of the pension system in Poland. The article aims at attempting identification of issues to be faced by governance in voluntary pension funds that are managed by universal pension fund management companies.

scholarly journals ORGANIZATIONAL PROBLEMS OF FUNCTIONING OF ACCUMULATIVE AND DISTRIBUTION PENSION SUBSYSTEMS IN UKRAINE

2020 ◽  
Author(s):  
Tetyana Kulinich ◽  
◽  
Illya Zhayvoronok ◽  
Keyword(s):  
Financial Stability ◽  
Budget Deficit ◽  
Distribution Systems ◽  
Pension Fund ◽  
Pension System ◽  
Developed Countries ◽  
Oecd Countries ◽  
Distribution Models ◽  
Pension Systems ◽  
The World

Despite the number of reforms, the issue of improving the pension system in Ukraine remains quite acute. The low replacement rate and the marked increase in public pension expenditures, caused by the sharp increase in the budget deficit of the pension fund of Ukraine, show that the national pension system is one of the least efficient pension systems in the world. The article considers the structure of pension systems of developed countries, which in their absolute majority are combined. The mixed type of pension system is the most effective in terms of financial stability and the level of paid pensions. In its pure form, cumulative and distribution models are not common in world practice. The indicator of the coefficient of replacement of pension subsystems of OECD countries is presented and conclusions are drawn about their efficiency. The basic models of management of accumulative pension funds are summarized. Based on the analyzed data, it is obvious that in most leading countries of the world the basis of pension provision is the distribution subsystem. With rare exceptions, the bulk of the substitution factor is created within distribution systems. Accumulation systems can also play a significant role. Comparing data on replacement rates in Ukraine with the countries of OECD, it is clear that by 2019 the situation in Ukraine is one of the worst. The ratio of the average pension to the average salary in Ukraine is 2 times lower than the average for the OECD countries. Analysis of world practice leads to the conclusion that to increase the level of pensions requires simultaneous strengthening of the distribution and development of the accumulative parts of the pension system. The analysis of functioning of each subsystem of pension provision in Ukraine is carried out. The problems of functioning of the distribution pension subsystem in Ukraine during the last years are described. The dynamics of the budget deficit of the Pension Fund of Ukraine is graphically presented. The reasons for refusing to introduce the compulsory pension subsystem have been identified. The results of the activity of the voluntary accumulative pension subsystem are analyzed. The directions of im-provement of functioning of the pension system of Ukraine are defined.

Problems of pension provision in Russia

2018 ◽  
Vol 34 (1) ◽  
pp. 118-124
Author(s):  
I. P. Salmanova ◽  
V. I. Nikolaev
Keyword(s):  
Russian Federation ◽  
Pension System ◽  
Current Level ◽  
Factors Affecting ◽  
Social State ◽  
Pension Systems ◽  
Existing Problems ◽  
Retirement Security ◽  
Political Cycle ◽  
The Russian Federation

This article discusses issues regarding the pension system of the Russian Federation. Sent problems the formation of the pension and the factors affecting the current level of pension. Stressed to wait for retirement security in the new political cycle. Proved Spaniel analysis of the pension systems of different countries. Proposed solutions to the existing problems. Pension system, social state, labor productivity.

DEVELOPMENT OF THE CONSTRUCTION AND ECONOMIC COMPLEX OF RUSSIA UNDER THE CONDITIONS OF THE UPDATED CONSTITUTION OF THE RUSSIAN FEDERATION

2020 ◽  
Vol 3 (7) ◽  
pp. 49-61
Author(s):  
V. O. BETIN ◽  
Keyword(s):  
Project Management ◽  
Construction Industry ◽  
Russian Federation ◽  
Investment Project ◽  
Housing Construction ◽  
Short Term ◽  
The Status ◽  
The Russian Federation ◽  
Main Instrument

The introduction of the new amendments to the country's Constitution opens up an opportunity to solve ef-fectively the new tasks of the country's economy in the short term. One of the priority places among these tasks is occupied by the construction industry as a whole and housing construction in particular. Exceptional attention in the Constitution is paid to the development of the construction industry. The main instrument for the implementation of the tasks set is a special investment project that has received the status of a national one. This article examines a set of practical measures and scientifically grounded mechanisms – economic, financial, legal, that have sufficient potential for organizing effective project management at the federal and regional levels.

scholarly journals Analysis of the Formation and Use of Means of the Pension Fund of the Russian Federation in 2011-2016 and Evaluation of Performance Indicators of the Russian Pension System

2017 ◽  
Vol 20 (3) ◽  
pp. 67
Author(s):  
T G Volkova
Keyword(s):  
Russian Federation ◽  
Performance Indicators ◽  
Pension Fund ◽  
Pension System ◽  
Evaluation Of Performance ◽  
The Russian Federation

Пенсионная система является одним из важнейших элементов в сфере социального обеспечения развитых стран, она влияет на формирование и изменение социального статуса граждан, является отражением исполнения основных функций государства. При этом в настоящее время пенсионная система России переживает трудный период и справедливо подвергается критике из-за низких размеров пенсий, является дорогостоящей и малоэффективной, а также нуждается в дополнительных источниках финансирования как из бюджетной, так и из других сфер. Пенсионная система России играет огромную роль не только в социальной и общественно-политической жизни всего государства, но и в его финансово-бюджетной сфере, оказывая значительное влияние на формирование и перераспределение денежных ресурсов в региональном и отраслевых аспектах, на стабильность и сбалансированность финансовой системы государства. Актуальность исследования пенсионной системы обусловлена тем, что действующая пенсионная реформа не обеспечивает достижение поставленных целей. Дефицит бюджета ПФР растет, благосостояние пенсионеров в условиях растущей инфляции снижается, а недовольство реформой застрахованных лиц увеличивается. Чтобы разобраться в причинах неудачи пенсионного реформирования, необходимо начать с первичного анализа формирования и использования средств Пенсионного фонда РФ в 2011-2016 гг., а также провести оценку показателей функционирования пенсионной системы РФ.

scholarly journals Empirical pension indicators: Cross-country comparisons and methodology for Russia

2021 ◽  
Vol 52 (4) ◽  
pp. 122-141
Author(s):  
Y.M. Gorlin ◽  
◽  
A.A. Salmina ◽  
V.Y. Lyashok ◽  
◽  
...  
Keyword(s):  
European Union ◽  
Pension Fund ◽  
Pension System ◽  
Population Surveys ◽  
Pension Insurance ◽  
System A ◽  
European Union Countries ◽  
The Russian Federation ◽  
Cross Country ◽  
Pension Payments

The article proposes a system of empirical indicators for Russia, taking into account the analysis of foreign and Russian approaches to assessing the adequacy of the level of pension provision. One group of the indicators, designed for crosscountry comparisons, is based on the methodology of the European Commission. The results of calculations of the proposed indicators on Russian data are presented, which made it possible to compare the level of pensions in Russia and European Union countries. The article defines the limitations of indicators for cross-country comparisons in terms of assessing the level of pension payments within the Russian system of compulsory pension insurance. For more adequate assessment of the adequacy of payments, the second group of indicators was developed that take into account the particularities of the Russian pension system. A distinctive feature of the proposed approach to the assessment of empirical indicators is that they are focused primarily on assessing the adequacy of the actual pension payments in terms of fulfilling the functions assigned to them - protection from poverty, compensation (replacement) of wages and ensuring the balance of income. The authors propose to evaluate these indicators not only on the data of population surveys, as is most common in foreign practice, but also on the administrative data of the Pension Fund of the Russian Federation.

scholarly journals THE MAIN DIRECTIONS OF PENSION SYSTEMS DEVELOPMENT IN THE WORLD AND IN UZBEKISTAN

2021 ◽  
pp. 119-122
Author(s):  
Makhmudjon Djurakulovich Ziyadullaev
Keyword(s):  
Social Policy ◽  
Pension Fund ◽  
Social Protection ◽  
Transition Period ◽  
Pension System ◽  
Systems Development ◽  
Factors Affecting ◽  
Pension Systems ◽  
The World ◽  
The Republic

This article highlights the world experience of the pension system and social protection of citizens, social policy in the transition period to a market economy, in addition, having pension systems and the main directions for their development, the main demographic factors affecting the pension system. It also describes the reforms carried out in recent years in the Republic of Uzbekistan, benefits provided to pensioners, and current problems of the pension system, as well as substantiated proposals for improving pension legislation. KEY WORDS: old-age pension, pension system, pension, social protection, benefits, social assistance, pension fund.

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